Ann: Chairman's Address to Shareholders, page-7

I think you're misrepresenting the hedging. They have chosen not to hedge production. I don't think this implies that they are necessarily that stable just a company policy. AISC is not low at all.

Given the gold price is at 5 year lows in the fullness of time this might not be a good choice. If they ever have to do a cap raising because of not hedging for example.

Having said that I bought some more shares in the last week since I think the rising production profile means good risk/reward on a 12-18 month time frame.